President Trump’s Federal Trade Commission released new data showing that social media platforms have become the platform through which Americans lose the most money to scammers.

Americans lost more than $2 billion last year to scams that originated on social media. The report astonishingly showed that losses increased eightfold since 2020.

The FTC's report makes clear that social media is no longer merely a place where people share photos, argue politics, or follow brands. It has become a hunting ground for fraud rings, including international criminal networks that can target Americans from anywhere in the world.

And Big Tech knows it.

The platforms will say they are victims. They will say scammers abuse their services, evade detection, and adapt quickly. All of that is true. But it isn’t the entire story.

Scammers are simply using the system as designed. They buy ads. They target users. They exploit personal data. They test messages. They optimize engagement. The same machinery built to help businesses reach customers is now being used to separate Americans from their savings.

Investment scams are the clearest example. A user sees an ad or post promising easy returns. It looks professional. It may feature fake testimonials, fake experts, or a fake online community filled with supposed success........

© Townhall